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E-banking Final Report Govind

E-banking Final Report Govind

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Published by talktogovindsharma

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Published by: talktogovindsharma on Dec 10, 2009
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 Submitted to: Resp Mr. V.S. Solanki  IPM, Faculty
 Submitted by:Group# 14 Chandan PandeyGita Rani Govind Sharma Nayya jain Ravindra Rawani 
Institute of Productivity &ManagementMeerut
E-banking (Electronic Banking)
With advancement in information and communication technology, banking services are alsomade available through computer. Now, in most of the branches you see computers being used torecord banking transactions. Information about the balance in your deposit account can be knownthrough computers. In most banks now a days human or manual teller counter is being replaced by the Automated Teller Machine (ATM). Banking activity carried on through computers andother electronic means of communication is called ‘electronic banking’ or ‘e-banking’. Let usnow discuss about some of these modern trends in banking in India.
Automated Teller Machine
Banks have now installed their own Automated Teller Machine (ATM) throughout the country atconvenient locations. By using this, customers can deposit or withdraw money from their ownaccount any time.
Debit Card
Banks are now providing Debit Cards to their customers having saving or current account in the banks. The customers can use this card for purchasing goods and services at different places inlieu of cash. The amount paid through debit card is automatically debited (deducted) from thecustomers’ account.
Credit Card
Credit cards are issued by the bank to persons who may or may not have an account in the bank.Just like debit cards, credit cards are used to make payments for purchase, so that the individualdoes not have to carry cash. Banks allow certain credit period to the credit cardholder to make payment of the credit amount. Interest is charged if a cardholder is not able to pay back the creditextended to him within a stipulated period. This interest rate is generally quite high.
Net Banking
With the extensive use of computer and Internet, banks have now started transactions over Internet. The customer having an account in the bank can log into the bank’s website and accesshis bank account. He can make payments for bills, give instructions for money transfers, fixeddeposits and collection of bill, etc.
Phone Banking
In case of phone banking, a customer of the bank having an account can get information of hisaccount, make banking transactions like, fixed deposits, money transfers, demand draft,collection and payment of bills, etc. by using telephone .As more and more people are now using mobile phones, phone banking is possible throughmobile phones. In mobile phone a customer can receive and send messages (SMS) from and tothe bank in addition to all the functions possible through phone banking.
Common E-Banking Services
Retail ServicesWholesale Services
Account managementAccount managementBill payment and presentmentCash management New account openingSmall business loanapplications, approvals, or advancesConsumer wire transfersInvestment/BrokerageservicesCommercial wire transfersLoan application andapprovalBusiness-to-business paymentsAccount aggregationEmployee benefits/pensionadministration
Bill payment service
You can facilitate payment of electricity and telephone bills, mobile phone, credit card andinsurance premium bills as each bank has tie-ups with various utility companies, service providers and insurance companies, across the country. To pay your bills, all you need to do iscomplete a simple one-time registration for each biller. You can also set up standing instructionsonline to pay your recurring bills, automatically. Generally, the bank does not charge customersfor online bill payment.
Fund transfer
You can transfer any amount from one account to another of the same or any another bank.Customers can send money anywhere in India. Once you login to your account, you need tomention the payees's account number, his bank and the branch. The transfer will take place in aday or so, whereas in a traditional method, it takes about three working days. ICICI Bank saysthat online bill payment service and fund transfer facility have been their most popular onlineservices. 
Credit card customers
With Internet banking, customers can not only pay their credit card bills online but also get aloan on their cards. If you lose your credit card, you can report lost card online.
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